HomeMy Public PortalAbout3272-1977 - AUTHORIZING COMPLETION AND PROVIDING ADDITIONAL FACILITIES FOR THE CONVENIENCE STORE DISTRIBUTING COMPANY PROJECTORDINANCE NO. 3272 - 1977
AN ORDINANCE OF THE CITY OF RICHMOND AUTHORIZING THE COMPLETION AND THE
PROVIDING OF ADDITIONAL FACILITIES FOR THE CONVENIENCE STORE DISTRIBUTING
COMPANY PROJECT, AN ECONOMIC DEVELOPMENT FACILITY, THE ISSUANCE AND SALE
OF ADDITIONAL PARITY REVENUE BONDS TO PAY THE COST THEREOF, AND THE
APPROVAL OF THE AMENDMENT TO THE LEASE AGREEMENT AND SUPPLEMENTAL INDENTURE
TO THE MORTGAGE AND INDENTURE OF TRUST, AND OTHER MATTERS RELATING
THERETO.
WHEREAS, the Common Council of the City of Richmond, Indiana by
Ordinance No. 3088-1976, on file in the office of the Clerk of the City
of Richmond, Indiana, the Municipal Building, Richmond, Indiana in Book
page 428, authorized the City to issue its Economic Development
First Mortgage Revenue Bonds (Convenience Store Distributing Company) in
the total principal amount of Nine Hundred Eighty Thousand Dollars
($980,000.00) (hereinafter referred to as "Series 1976 Bonds") for the
purpose of procuring funds to pay the cost of acquiring economic devel-
opment facilities to be leased to the Convenience Store Distributing
Company (hereinafter referred to as "The Convenience Store Distributing
Company Project") approving the form of Lease Agreement (hereinafter
referred to as "Lease") and Mortgage and Indenture of Trust, (hereinafter
referred to as "Indenture") which were incorporated in said Ordinance by
reference; and,
WHEREAS, the City did issue, sell and deliver Nine Hundred Eighty
Thousand Dollars ($980,000.00) of the Series 1976 Bonds on June 28,
1976; and,
WHEREAS, the Richmond Economic Development Commission adopted a
Resolution October, 1977, approving the financing to complete and
provide additional facilities for the Convenience Store Distributing
Company Project, and approving a form of Ordinance, Amendment To Lease
Agreement Supplemental Indenture To Mortgage and Indenture of Trust, the
Consent of Bondholders, and related documents, and finding that the
proposed financing complies with the purposes and provisions of I.C. 18-
6-4.5-1 through 18-6-4.5-29, inclusive; and,
WHEREAS, said Resolution was presented to the Clerk for presenta-
tion to the Common Council of the City of Richmond and was so presented.
NOW THEREFORE, BE IT ORDAINED, by the Common Council of the City of
Richmond, Indiana.
SECTION 1. It is hereby found that the financing to complete and
provide additional facilities for the Convenience Store Distributing
Company Project referred to in the Amendment to Lease Agreement and
Supplemental Indenture to Mortgage and Indenture of Trust, previously
approved by the Economic Development Commission and presented to the
Common Council complies with the purposes and provisions of I.C. 18-6-
4.5-1 through 18-6-4.5-29, inclusive, and will be of benefit to the
health or welfare of the City of Richmond.
SECTION 2. The forms of the Amendment to Lease Agreement Supple-
mental Indenture To Mortgage and Indenture of Trust and Consent of
Bondholders approved by the Richmond Economic Development Commission are
hereby approved and all such documents collectively should be considered
the "Financing Agreement" referred to in I.C. 18-6-4.5-1 through 18-6-
4.5-29, inclusive. Such documents shall be incorporated herein by
reference and shall be inserted in the Minutes of the Common Council
kept on file by the Clerk.
SECTION 3. The City of Richmond shall issue its Economic Devel-
opment First Mortgage Revenue Bonds, Series 1977 (Convenience Store
Distributing Company) in the total principal amount of One Hundred Sixty
Thousand Dollars ($160,000.00) for the purpose of procuring funds to pay
the cost of completing and providing additional facilities for the
Convenience Store Distributing Company Project, as more particularly set
out in the Supplemental Indenture and the Amendment to Lease Agreement
incorporated herein by reference, which Bonds will be payable as principal
and interest solely from the rentals, revenues and other income realized
under the Lease, as amended or as otherwise provided in the above described
Indenture, as supplemented.
SECTION 4. The Mayor and the Clerk are authorized and directed to
execute the documents approved herein on behalf of the City of Richmond
and any other documents which may be necessary or desirable to complete
the transaction, including the Series 1977 Bonds authorized herein. The
Clerk of the City of Richmond is authorized to arrange for the delivery
of the Series 1977 Bonds to the purchasers thereof, payment for which
shall be made to the Trustee named in the Indenture.
SECTION 5. The provisions of this Ordinance and the Indenture
securing the Series 1976 and the Series 1977 Bonds shall constitute a
contract between the City of Richmond and the holders of the Economic
Development First Mortgage Revenue Bonds, Series 1976 and Series 1977
(Convenience Store Distributing Company) and after the issuance of the
Series 1977 Bonds, this Ordinance shall not be repealed or amended in
any .respect which would adversely affect the rights of the Series 1976
and Series 1977 bondholders so long as any of said Bonds or the interest
thereon remain unpaid.
ADOPTED by the Common Council of the City of Richmond, Indiana this
day of _ 1977.
Pre;' Ant of Common Council
1
ATTEST: O
Cit Clerk
PRESENTED to the Mayor of the City of Richmond, Indiana this
day of 1977.
City e k
APPROVED by me, Clifford J. Dickman, Mayor of the City of Richmond,
Indiana this / -7k4day of , 1977.
Mayor
ATTEST:
City C e
STATE OF INDIANA )
SS:
COUNTY OF WAYNE )
I, Jo Ellen Trimble, the duly elected, qualified and acting Clerk
of the City of Richmond, Indiana, hereby certify that the form of Amendment to Lease Agreement and Supplemental Indenture to Mortgage and
Indenture of Trust attached to and incorporated in the foregoing ordinance
approving the same is in the exact form as the executed Amendment to
Lease Agreement and Supplemental Indenture to Mortgage and Indenture of
Trust.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
ty of Richmond, Indiana, this ,, ry 6 day of
corporate seal of the Ci
1977.
Jo El'e Trimble, Clerk
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